Eseandre Mordi
⬤ March silver futures saw a notable shift as open interest dropped by 14,196 contracts - nearly 71 million ounces of silver changing hands or being closed out. The move happened while overall volatility in the silver complex was pulling back. The SIH6 contract last quoted near 89.960, with total volume hitting 125,447 across reporting venues, pointing to active but orderly positioning adjustments ahead of delivery.
⬤ The open interest table tells a clear story: March 2026 contracts dropped to 22,966 - down 14,196 from the prior session. Meanwhile, months like May actually ticked up, showing traders aren't leaving the silver market, they're just shifting further out on the curve. Volume bars and the open interest line both confirm March participation is winding down in a controlled way, not spiking toward a messy exit. With Silver Price Tests Key 75-76 Support Zone as Breakout Builds, the broader technical picture adds context to why traders are repositioning carefully rather than rushing for the door.
⬤ The pattern here signals deliberate position management rather than panic selling. Zero deliveries so far in the preliminary data back that up. The drop in open interest is running alongside declining volatility, meaning price swings are getting smaller as contracts either roll forward or close out quietly before settlement. Analysts tracking Silver Price Analysis: Can XAG Break Through Key Resistance? have noted the market is holding structure even as March positioning thins out.
⬤ What's unfolding in the SIH6 contract is a textbook transition into delivery: holders managing risk, volatility fading, and volumes staying steady without dislocations. It's the kind of quiet rotation that keeps broader market integrity intact. For a longer view on where silver stands heading into this period, Silver Price Momentum Pauses After Multi-Year Surge outlines the macro backdrop shaping these moves.
Eseandre Mordi
